<p>Insurance regulator rda slapped a fine of nearly Rs 5 crore during 2012-13 on 12 insurance companies, including HDFC Life and ICICI Prudential Life.<br /><br /></p>.<p>HDFC Life paid Rs 1.47 crore, while ICICI Prudential Life had to shell out Rs 1.18 crore for failure to comply with various provisions of the Insurance Act 1938.<br /><br />The insurance regulator had imposed a fine of Rs 76 lakh on PNB Metlife for violation of various guidelines. Tata AIA had to pay a penalty of Rs 49 lakh during 2012-13.<br /><br />In all, penalties were levied on 10 life insurance companies and two non-life insurance companies for non- compliance with various regulatory stipulation, Irda said in annual report 2012-13.Apart from monetary penalty levied on insurers, penal actions were also initiated on various non-compliant intermediaries as well, it said.<br /><br />The annual report also noted that insurance penetration in India, which surged till 2009-10, has slipped since 2010-11 on account of slowdown in life insurance premium as compared to the growth rate of India economy.<br /><br />The sector has reported consistent increase in insurance penetration from 2.71 per cent in 2001 to 5.20 per cent in 2009, the report said.</p>
<p>Insurance regulator rda slapped a fine of nearly Rs 5 crore during 2012-13 on 12 insurance companies, including HDFC Life and ICICI Prudential Life.<br /><br /></p>.<p>HDFC Life paid Rs 1.47 crore, while ICICI Prudential Life had to shell out Rs 1.18 crore for failure to comply with various provisions of the Insurance Act 1938.<br /><br />The insurance regulator had imposed a fine of Rs 76 lakh on PNB Metlife for violation of various guidelines. Tata AIA had to pay a penalty of Rs 49 lakh during 2012-13.<br /><br />In all, penalties were levied on 10 life insurance companies and two non-life insurance companies for non- compliance with various regulatory stipulation, Irda said in annual report 2012-13.Apart from monetary penalty levied on insurers, penal actions were also initiated on various non-compliant intermediaries as well, it said.<br /><br />The annual report also noted that insurance penetration in India, which surged till 2009-10, has slipped since 2010-11 on account of slowdown in life insurance premium as compared to the growth rate of India economy.<br /><br />The sector has reported consistent increase in insurance penetration from 2.71 per cent in 2001 to 5.20 per cent in 2009, the report said.</p>